The gains from the TPP for New Zealand’s largest export industry have failed to meet the test set by the government, Labour’s Finance spokesperson Grant Robertson says.

“The government promised meaningful gains, but the dairy industry is describing the outcome as disappointing. When reports from Canada say their protected dairy sector remains mostly intact, you know that is not a good sign.

“While there are gains from tariff reductions in some sectors, this agreement was always going to be judged on the value to our largest export sector, and on that score it has failed.

“Tim Groser says, ‘you take what you can get’. But that has to be balanced with what New Zealand loses.

“National needs to be clear whether this deal will stop a future government from further restricting land and housing purchases by overseas buyers. Early reports indicate that this has been traded away. Giving New Zealanders a fair go at owning our land and fulfilling the Kiwi dream of owning a home are core principles for Labour. We reserve the right to regulate and legislate to make this happen.

“Other questions that the government needs to answer include if our State Owned Enterprises will be allowed to operate as we choose them to in the future, and what is the extent of the powers of foreign corporations suing our government if it acts for the public good.